Source, Philadelphia Business Journal, Natalie Kostelni
A senior living community is being proposed as yet another development for the Village at Valley Forge in King of Prussia.
CA Ventures, a Chicago real estate investment firm, and its senior living division has plans to erect an 11-story building — the tallest so far at the development — that will have 100 independent living units, 60 assisted living units and 32 memory care units, according to people familiar with the plans. A four-story garage would also be built.
The project would be developed along Guthrie Road on land that originally designated for an office building under Realen Properties’ master plan for the Village at Valley Forge. With the removal of this parcel, the number of sites and density remaining for development at the 123-acre property will have dwindled down to three, marking a milestone in the build out of the Village at Valley Forge. Those sites could be developed for future office or housing projects.
Though the number of parcels is on the wane at the Village at Valley Forge, there is a lot of development activity underway including several projects under construction. For example, Main Line Health broke ground in June on a $32 million women’s health center being. The project involves a seven-story, 94,000-square-foot health center and a four-level parking garage. Toll Brothers Inc. is moving ahead on a 60-unit condominium project, adding to the for-sale project called the Brownstones that the homebuilder is developing there.
In addition, Hanover Cos. and Realen have teamed up to build a third apartment complex at the site that will have 390 units. In the future, Children’s Hospital of Philadelphia plans to build a new 250,000-square-foot hospital adjacent to an outpatient facility it developed at the Village at Valley Forge. The hospital is expected to be completed in 2021.
The senior housing community is in its early stages and plans have recently been submitted to Upper Merion for review. The project would round out a mix of residential options already built at the Village at Valley Forge and serve another age bracket. Many of the apartments at the community have attracted mostly millennials though there are some other options. For example, Bozzuto Group has developed Canvas, which targets the 55-plus market and Korman Communities’ Ave is an extended-stay concept that caters to a gamut of users such as professionals and even families who need temporary housing.